Matt Taibbi and Lawrence O'Donnell Discuss Romney and 'the Bain Way'

Taibbi explains how Mitt's brand of 'vulture capitalism' works

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Matt Taibbi talks with Lawrence O’Donnell on MSNBC's The Last Word, about his latest Rolling Stone piece, an investigation into Mitt Romney’s career as a vulture capitalist at Bain Capital. Taibbi lays out Bain's standard operating procedure: Buy a failing business and load it with debt to finance the purchase, order the company to fire a bunch of people to cut costs, extract massive dividends and hefty fees, then walk away with a fortune even if the company fails. "A lot of people think private equity firms are in the business of turning around companies," Taibbi says. "They're not. They're in the business of making these deals work . . . for the private equity firms and their investors."

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